Study: New York Graduates Have One of USA’s Worst Student Loan Burdens

On March 13, 2020, a pause was put on all (eligible) student loan repayments by the Federal Government. For over three years, payments were not requested for student loans, and interest was not accrued by those who were paying them back. That pause ended in September of this year, and now, all college graduates who took out federal student loans have begun their grueling repayment processes.

College graduates in New York are definitely feeling the burden of this debt, and based on data from a recent study, may be experiencing that burden at a more severe rate than a lot of other students across the country.

Get our free mobile app

Study Shares Data on Repayment Burden Facing New York College Graduates

The folks over at WalletHub recently shared their findings from a study that measured the states across America whose college graduates have the highest monthly student loan payment totals in 2023. To complete this study, WalletHub's experts analyzed the latest consumer data and compared the median student loan payment for every state.

New York's college graduates are dealing with one of the pricier monthly student loan payments, with a median payment of $212 for each former student.

Based on the findings from this study, if you live anywhere in the Northeast, odds are, you're dealing with some fairly severe student loan payments right now. Here are the median payment numbers for other states around New York in 2023:

• Vermont: $225/month (2nd)
• Massachusetts: $222/month (4th)
• New Hampshire: $218/month (T-5th)
• Connecticut: $218/month (T-5th)
• New Jersey: $216/month (7th)
• New York: $212/month (8th)
• Pennsylvania: $205/month (13th)
• Rhode Island: $202/month (15th)
• Maine: $182/month (T-29th)

The only state with a median payment higher than Vermont is Maryland, with a total of $232 per month. On the other end of the scale, we find West Virginia, whose graduates are paying just $139 per month.